P2P Global Investments has confirmed that it has completed the first securitisation of consumer loans originated via a marketplace platform in the EMEA region. The securitisation is backed by UK consumer loans originated via the Zopa platform. The bonds were rated by Moody’s and Fitch Ratings, and given the ratings of Aa3/AA- on the most senior notes, the highest achieved so far for a marketplace transaction. The senior notes priced at an attractive spread of 145bps over one month LIBOR; the deal demonstrates close cooperation between Zopa and MW Eaglewood. Deutsche Bank acted as Sole Arranger and Lead Manager for the securitisation.
Simon Champ, CEO of MW Eaglewood Europe LLP, the manager of the fund, said: “This transaction marks a positive step in enabling us to deliver on our objective to both diversify the sources and reduce the cost of our funding. The funds raised by the issue will now be progressively deployed in line with the investment strategy and our intention remains to steadily increase our leverage ratio to 100%.”
P2P completes securitisation of Zopa loans